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Category Archives for Debt

Car Loan Restrictions and Other Changes

Yesterday, MAS announced a series of measures to curb the maximum loans that buyers of a car can take: For a motor vehicle with Open Market Value (OMV) that does not exceed $20,000, the maximum loan-to-value (LTV) is 60% of the purchase price, including relevant taxes and the price of the Certificate of Entitlement, where […]

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MAS Consultation Paper on Responsible Use of Credit Cards and Unsecured Credit

A few days ago, the Monetary Authority of Singapore (MAS) released a consultation paper on proposed changes to credit card and unsecured credit rules. The changes are aimed at improving financial institutions’ lending and disclosure practices, empowering individuals to make better borrowing decisions, and helping individuals who are at risk of credit problems avoid getting […]

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Citibank SMS Pay

Citibank has launched an interesting service, Citibank SMS Pay, that allows you to make payment to your Citibank’s credit card bills using your handphone. How Citibank SMS Pay works is that you first setup a one-time arrangement for an Inbound Funds Transfer with your preferred bank. This arrangement will authorise Citibank to make deductions for […]

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Of 50-Year Loans and Instant Loan Approval

Being the first to bring innovation can sometimes have it’s pitfalls. UOB was the first bank to offer a housing loan of up to 50-years tenure last month. They also offered on the spot approval for loan application made at showflats. Shortly after the “instant loan approval” scheme was reported in the newspaper, MAS moved […]

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Launch of OCBC Cashflo Card

OCBC recently launched a credit card with an inbuilt interest-free instalment plan for any purchase, anywhere. This is the first card of its kind in Singapore. A typical credit card only gives you interest-free on your purchases up till your statement due date, after which you will have to settle the outstanding balance in full […]

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